FX.co ★ Wave analysis of the EUR/USD currency pair for November 29, 2017

Analysis of wave counting:

Yesterday's EUR/USD pair trades began with the continuation of the downward movement that started on the evening and, losing about 75 pp in price, reached the level of 1.1825 at the end of the day. Thus, it seems that the currency pair confirms the transition to the stage of formation of the first generating waves in the composition of the future wave c, in a, in (C). If this is the case, then as the first estimated target for wave a, in c, in a, in (C), one can consider the level of the 18th figure, or the mark of 1.1770.

Targets for a downward wave option:

1.1736 - 38.2% by Fibonacci

1.1666 - 23.6% by Fibonacci

Targets for an upward wave option:

1.1918 - 76.4% by Fibonacci

1.1946 - 76.4% by Fibonacci

General conclusions and trading recommendations:

The construction of the downward trend section continues. The assumed wave b, in a, in (C) has completed its construction. If this assumption is correct, then the decline in quotations will continue with the targets located near the estimated marks of 1.1736 and 1.1666, which corresponds to 38.2% and 23.6% of Fibonacci within the assumed wave a, in c, in a, in (C).